The Arab Fund for Economic and Social Development (AFESD) has agreed to grant Tunisia a 32 million Kuwaiti dinar ($32 million) loan for the construction of six dams in the northern part of the country, reported KUNA. The loan will be repaid over 22 years with a 4.5 annual interest rate and a six-year grace period.

The dams will gather water from Northern Tunisia’s valley region and will direct it to drinking water reservoirs. The water will then be distributed to the nation’s capital, Tunis and the coastal regions.

Established in 1974, AFESD is a multilateral Arab development corporation. Its membership consists of all states that are members of the Arab League. The Fund’s function is to assist the economic and social development of Arab countries through financing development projects, with preference given to overall Arab development and to joint Arab projects. — (menareport.com)